Barclays Ups C.R. Bard's Price Target By $11

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Barclays raised its earnings estimate and price target for C R Bard Inc

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(NYSE: BCR), premising the actions on the company's second-quarter earnings and revenue beat. The firm noted that the second-quarter outperformance came about due to new product launches, 20 percent growth in emerging markets and its Liberator Medical and Japan acquisitions being ahead of schedule.

Barclays' U.S. Medical Supplies & Devices analyst Matthew Taylor noted that the company raised its HSD organic growth target for the year to 6.5–7 percent range from 5–6 percent, which is above the peer group growth targets.

The firm is of the view that the company's investment plan is working and that its emerging market build has room for further upside.

Citing the beat and the strength of the business, C.R. Bard raised its 2016 organic revenue growth guidance to 6.5–7 percent from 6–6.5 percent. Excluding forex, the company expects revenue growth of 8–9 percent from 7–8.5 percent. The earnings per share guidance was raised to $10.10–$10.20 from $10.05–$10.18.

Consequently, Barclays raised its 2017 earnings per share estimate to $11.25 from $11.17. Valuing the shares of the company at 21 times its revised 2017 earnings per share estimate, Barclays raised its price target for the shares of C.R. Bard to $235 from $224. The firm has a Equal Weight rating on the shares of the company.

At time of writing, C.R. Bard was seen trading at $223.23, down 3.57 percent on the day.

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